Further Results from the Sanankoro Drill Programme

RNS Number : 5386X
Cora Gold Limited
05 May 2021
 

 Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

05 May 2021

Cora Gold Limited ('Cora' or the 'Company')

Further positive results from the ongoing Sanankoro Drill Programme

 

Cora Gold Limited, the West African focused gold company, is pleased to announce further drill results from its largest ever drilling campaign, which commenced in March 2021 at its Sanankoro Gold Project ('Sanankoro' or 'the Project'), in Southern Mali.  The Company plans to drill up to 35,000m by end of July 2021, with a dual focus on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.

 

To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5386X_1-2021-5-4.pdf

 

Highlights:

 

New drill results at Selin

24m @ 2.50 g/t Au from 16m

including 6m @ 5.53 g/t Au in hole SC0331

23m @ 1.55 g/t Au from 47m in hole SC0332

28m @ 1.54 g/t Au from 17m in hole SC0327

22m @ 1.47 g/t Au from 27m in hole SC0326

20m @ 2.04 g/t Au from 20m in hole SC0328

16m @ 1.67 g/ Au from 62m in hole SC0329

4m @ 9.06 g/t Au from 81m in hole SC0325

 

Updated results from previous RNS released on 22 April 2021

54m @ 2.07 g/t Au from 20m (prelim. result 52m @ 1.78 g/t incl. 7m @ 4.21 g/t)

including 2m @ 17.71 g/t Au in hole SC0311

34m @ 2.14 g/t Au from 13m (prelim. result 34m @ 1.98 g/t incl. 3m @ 17.78 g/t)

including 3m @ 19.14 g/t Au in hole SC0312

13m @ 2.09 g/t Au from 68m in SC0309 (prelim. result 13m @ 1.24 g/t)

Results initially published on 22 April 2021 were preliminary, shown in brackets above, as the Company was awaiting final fire assays on the sample tails and the results have subsequently improved

New results released today are fully completed and not preliminary

 

Update on drill programme progress

116 holes drilled totalling over 11,000m from start of the campaign to the 03 May 2021

A further reverse circulation ('RC') rig and one Diamond Core ('DC') rig due to arrive during May 2021

Booster compressor arrived at site in the last week and deeper holes commencing imminently

 

Bert Monro, CEO of Cora, commented, "Following on from our maiden results it is extremely pleasing to be reporting further strong results from Sanankoro including 24m @ 2.5 g/t from 16m depth - these comprise more shallow oxide intersections with good grades.  It is also worth noting we have updated some preliminary results reported on 22 April with final results which have also shown increased average grades. 

 

"We have now completed over 11,000m of drilling in this programme and during May we are mobilising two further rigs and additionally a booster compressor has just arrived on site.  We plan to start drilling deeper holes within a week as we aim to push the shallow inferred resource pit deeper.  The current inferred pit shell has an average vertical depth of only 65m, from limited drilling at the time, so we eagerly await the results from these deeper holes once drilled." 

 

Further Information

The Company is pleased to report the final assay results from 10 further RC holes as well as re-reporting 8 holes previously released on the 22 April 2021 which had been preliminary results.  These results have improved following receipt of the final fire assay results on the sample tails following initial bottle roll testwork.

 

Holes - Metres - Intercepts reported - Metres sent for assay

The intercepts reported equate to the first 1,643 metres of the 35,000m programme and are hosted on eleven 50m sections between 1295250N and the northern most drilling on 1296200N.  As of 03 May 2021, 116 holes have been completed, totalling over 11,000m of RC drilling, with the first 58 holes, some 5,531m, being drilled at the Selin Resource in the north, and a further 45 holes comprising 4,542m drilled at the Zone A Resource to the south.  The rig has completed over 4,000 metres of Zone A Phase 1, a short Zone C Phase 1 programme of circa. 1,000 metres and returned to start a larger circa. 5,000 metre Zone A Phase 2 programme.

 

A large booster-compressor auxiliary air pack has recently arrived at site to commence targeted deep RC exploration at Zone A and then return to drill Selin Phase 2, later in the month, for exploration of potential down-plunge extensions and further resource definition work.  The existing inferred resource pit shell (RNS 05 December 2019) averaged around 65m in depth due to a lack of deeper drilling so the potential for these deeper holes offers upside to the current resources. 

 

The results reported from SC0306 to SC0332 were generated from 1,864 submitted samples which included a high level of 20% blind, independent, accredited QAQC samples. The intercepts reported have passed rigorous QAQC.

 

Background on the geology and relevance of the results

Sanankoro is located on the leading western edge of the Yanfolila-Kalana Volcanic Belt, which is the western-most expression of the cratonic Baoulé-Mossi domain, on the major transcrustal margin with the Siguiri Basin. There is major deep-seated architecture across the district which links the major gold mines at Siguiri, Lero, Tri-K, Kalana and Yanfolila.

 

On a project scale Sanankoro is characterised by the 2km wide Sanankoro Shear Zone which can be traced over 30km from Kabaya South on the western side of the Yanfolila Mine to north of the Niger River beyond Selin and on to Karan.  Within the project area, each of the prospects are underpinned by a strong linear parallel structure, and where strong mineralisation is developed, a pronounced localised NE-SW focused zone of en-echelon veining and associated sulphide development.

 

The Selin deposit has a typical interference node control but with the additional positive impact of a strong, rheological diorite intrusive host. The gold geology at Selin is anchored along this linear, en-echelon or possibly folded, diorite igneous intrusive which cores the volcaniclastic thrust assemblage and focuses the gold deposition. The intercepts to date behave well structurally and reinforce the strong ore continuity associated with the shear architecture which has developed enveloping this diorite sill.

 

A drill plan and annotated drill sections 1295250N, 1295300N, 1295450N and 1295600N are included to illustrate the close association between gold deposition and diorite sill fold geometry at Selin.

 

Plan map of the Selin deposit and recent drill results - See PDF

 

 

Cross sections from drill results - See PDF

 

 

Table of results:

 

HOLE_ID

EUTM_29N

NUTM_29N

EOH (m)

FROM (m)

INTERCEPT

 

 

 

 

SC0306

  559,675.71

  1,305,500.24

110

83

4m @ 2.59 g/t

 

 

SC0307

  559,700.41

  1,305,500.03

160

26

3m @ 2.70 g/t

 

 

 

 

56

39m @ 0.91 g/t

 

 

SC0309

  559,675.68

  1,305,549.78

112

68

13m @ 2.09 g/t

 

 

SC0310

  559,660.10

  1,305,449.79

80

16

4m @ 0.76 g/t

 

 

 

 

61

3m @ 0.69 g/t

 

 

SC0311

  559,690.31

  1,305,449.95

115

20

3m @ 1.20 g/t

 

 

 

 

20

54m @ 2.07 g/t

 

 

SC0312

  559,640.42

  1,305,599.90

80

13

34m @ 2.14 g/t

 

 

SC0313

  559,665.25

  1,305,599.94

90

68

6m @ 0.84 g/t

 

 

SC0314

  559,630.10

  1,305,650.14

98

14

6m @ 0.58 g/t

 

 

SC0321

  559,590.32

  1,306,049.59

95

43

10m @ 1.06 g/t

 

 

SC0323

  559,554.80

  1,306,199.93

80

34

9m @ 0.87 g/t

 

 

SC0324

  559,595.40

  1,305,849.86

71

12

26m @ 0.69 g/t

 

 

SC0325

  559,640.41

  1,305,799.82

117

81

4m @ 9.06 g/t

 

 

SC0326

  559,690.17

  1,305,399.79

120

27

22m @ 1.47 g/t

 

 

SC0327

  559,695.53

  1,305,349.99

104

17

28m @ 1.54 g/t

 

 

SC0328

  559,695.05

  1,305,299.56

116

13

20m @2.04 g/t

 

 

 

 

92

2m @ 1.74 g/t

 

 

SC0329

  559,730.26

  1,305,298.05

117

62

16m @ 1.67 g/t

 

 

SC0331

  559,710.16

  1,305,249.98

113

16

24m @ 2.50 g/t

 

 

SC0332

  559,735.08

  1,305,250.09

89

47

23m @ 1.55 g/t

 

 

 

 

Table of preliminary results published on 22 April 2021 (shown for full comparison to the completed table of results that are shown above)

 

HOLE_ID

EUTM_29N

NUTM_29N

End of Hole (m)

FROM (m)

INTERCEPT

 
 

SC0305

559645.3436

1305500.169

80

15

10m @ 0.88 g/t

 

SC0306

559675.708

1305500.244

110

30

2m @ 0.99 g/t

 

50

16m @ 1.31 g/t

 

83

4m @ 2.59 g/t

 

SC0307

559700.4142

1305500.034

160

26

3m @ 2.34 g/t

 

57

38m @ 0.82 g/t

 

SC0308

559645.2984

1305549.91

80

16

18m @ 1.1 g/t

 

SC0309

559675.6765

1305549.783

112

41

7m @ 1.29 g/t

 

68

13m @ 1.24 g/t

 

SC0310

559660.1026

1305449.789

80

16

4m @ 0.59 g/t

 

61

2m @ 0.66 g/t

 

SC0311

559690.3096

1305449.954

115

20

52m @ 1.78 g/t

 

SC0312

559640.4148

1305599.904

80

13

34m @ 1.98 g/t

 

 

 

Competent persons statement:   Mr. Norman ('Norm') Bailie is a Chartered Professional Geology and Management Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and a Fellow of the Geological Society UK, and qualifies as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.  Norm Bailie consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

**ENDS**

 

For further information, please visit http://www.coragold.com or contact:

 

Bert Monro / Norm Bailie

Cora Gold Limited

+44 (0) 20 3239 0010

Christopher Raggett / Charlie Beeson

finnCap Ltd

(Nomad & Joint Broker)

+44 (0) 20 7220 0500

Andy Thacker / Zoe Alexander

Turner Pope Investments

(Joint Broker)

+44 (0) 20 3657 0050

Megan Dennison / Susie Geliher

St Brides Partners

(Financial PR)

+44 (0) 20 7236 1177

 

Notes

Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa.  Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio.  Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development.  Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV8 at a US$1,500 gold price.  Cora's highly experienced management team has a proven track record in making multi-million ounce gold discoveries, which have been developed into operating mines.

 

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